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Dogecoin (CRYPTO: DOGE) is tumbling Thursday afternoon, trading around $0.1497, a decline of over 5.4%. The meme coin's drop is part of a broader risk-off sentiment sweeping financial markets, triggered by a hotter-than-expected U.S. jobs report.
The Bureau of Labor Statistics reported 119,000 non-farm payrolls added in September, shattering the consensus forecast of 50,000. This strong economic data has forced investors to recalibrate their expectations for the Federal Reserve, significantly lowering the probability of a December interest rate cut. With the Fed now expected to maintain a “dovish hold” to combat mixed economic signals, capital is fleeing speculative assets.
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The sell-off has hammered the wider cryptocurrency sector. Bitcoin has plunged over 6.5% to approximately $86,800, while Ethereum has shed roughly 7.2%. The negative sentiment also dragged down crypto-linked equities, with Coinbase sliding 6.4% and the tech-heavy Nasdaq-100 falling as much as 1.8%.
For Dogecoin holders, the immediate outlook remains volatile as the market digests the reality that lower interest rates, often a fuel for crypto rallies, may be further away than anticipated.
Read Also:
• Powell Set For A ‘Dovish Hold’ In December, Economists Say After Jobs Data
Photo: Shutterstock
Posted In: $DOGE
